KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd's registered net loss of RM1.45 million in the third quarter (Q3) ended September 30, 2023 from a net profit of RM847,000 last year.
The company's revenue fell 40.4 per cent to RM2.27 million in Q3 2023 from RM3.81 million a year ago.
This is partly due to a shift in sales focus from immunotherapy to cell therapies, which now constitute 78 per cent of the total revenue.
For the period of nine months ended Sept 30, 2023, Malaysian Genomics registered a net loss of RM15.69 million, while revenue stood at RM10.63 million.
Executive chairman Azri Azerai said the company's focus on cell therapies, genetic screening and clinical trials is foundational for its future growth and sustainability.
The company is optimistic that its efforts in these areas will continue to yield positive results and strengthen our position in the market.
"In fact, prospects for Malaysian Genomics remain robust," he said.
In line with the group's growth strategy, Malaysian Genomics is actively seeking and engaging with strategic partners across Southeast Asia, the Middle-East North Africa region, and the United States to expand its distribution network.
Back on the local market, Malaysian Genomics maintains close collaboration with private hospitals and the Ministry of Health, enhancing its access to advanced immunotherapies.